Dow skids about 700 points at Monday low as investors reassess risk amid rising coronavirus cases

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U.S. stocks opened sharply lower on Monday as rising cases in Europe and a number of geopolitical risks, ignited selling of assets considered risky on Wall Street. The Dow Jones Industrial Average was down 664 points, or 2.4%, at 26,991, on pace for its sharpest daily decline in about two weeks, the S&P 500 index retreated 2.1% at 3,248, while the Nasdaq Composite Index declined 1.6% at 10,616. In corporate news, Nikola founder and chairman Trevor Milton is stepping down, after battling claims levied by a short seller for the past couple of weeks. Rising COVID-19 cases across several European economies sparked fears of renewed restrictions on activity. London Mayor Sadiq Khan was in talks on Monday to discuss introducing new measures to stem the coronavirus’ spread. Meanwhile, U.S. and European bank shares were set to fall sharply after BuzzFeed News and other outlets published articles alleging that the world’s most powerful banks continued doing business with customers they suspected of engaging in money laundering and other illicit activities. The SPDR Financial Select Sector ETF fell sharply on Monday.
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